Question 12 pts

When making a choice to do more of one activity, the highest-valued other choice society does not make is called _______ , and it is measured _______ .

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opportunity cost; by the slope of the production possibilities curve at that level

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opportunity cost; in terms of the money it costs

 

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constant cost; by the slope of the production possibilities curve at that level

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increasing cost; in terms of the amount of money spent doing so

 

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Question 22 pts

Which of the following is not capital?

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a computer in the office of an accountant

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a wrench in an auto-repair shop

 

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a new machine used for producing microchips

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a migrant worker in the fields of California

 

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Question 32 ptsSkip to question text.

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Suppose the economy is operating at point A, producing 244 tons of sugar and 1 freight train. The opportunity cost of producing the second freight train is:

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19 tons of sugar.

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25 tons of sugar.

 

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225 tons of sugar.

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6 tons of sugar.

 

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Question 42 pts

If a production possibilities curve were bowed in or convex to the origin of a graph, it would demonstrate:

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fluctuating opportunity cost.

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increasing opportunity cost.

 

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decreasing opportunity cost.

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constant opportunity cost.

 

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Question 52 pts

Knowledge that can be applied to the production of goods and services is:

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specialization.

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technology.

 

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comparative advantage.

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natural resources.

 

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Question 62 pts

The model that shows the goods and services the economy is capable of producing is the model of :.

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production possibilities

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The fallacy of composition

 

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utility

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scarcity

 

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Question 72 pts

The three broad types of factors of production are:

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technology, human capital, and comparative advantage.

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stocks, bonds, and financial assets.

 

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money, profit, and interest.

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capital, labor, and natural resources.

 

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Question 82 pts

The process through which an economy's production possibilities curve is shifted outward is:

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specialization.

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full employment.

 

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economic growth.

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comparative advantage.

 

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Question 92 pts

If an economy is operating on its production possibilities curve, it is:

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efficient and fully employed.

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inevitably going to grow in the future.

 

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efficiently producing but not necessarily fully employed.

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fully employed but not necessarily efficient.

 

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Question 102 pts

One of the two criteria for a resource to be considered as a natural resource is that it must:

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be part of a factory or building.

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not be part of the environment.

 

 

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be available for the production of goods and services.

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have been produced.

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